Sydney

A significant South Sydney residential development site is newly on the market

2014-10-03T05:00:00Z

In the past 12 months, JLL has sold over AUD 1 billion of residential development sites across metropolitan Sydney, with the latest to hit the market located at 6-8 Crewe Place, Rosebery

​SYDNEY, 3 OCTOBER, 2014 – A significant South Sydney residential development site is announced to the market, set to add to the high volume of these types of properties sold by JLL in the past 12 months.

According to JLL’s Sam Brewer, Head of Metropolitan Sales and Investments for NSW, JLL has sold over $1 billion of residential development sites across metropolitan Sydney in the past year.

The latest South Sydney residential development site up for sale is located at 6-8 Crewe Place, Rosebery. The process is being handled by Mr Brewer and JLL’s Director, Industrial and Commercial and Head of South Sydney, Blair Peterken.

“There is an incredibly strong appetite for residential development sites in Sydney, both from offshore and local investors. Much of the low-hanging fruit has been picked, so to speak, and investors are now willing to accept less than the previous benchmark of 20 per cent return on costs in order to compete in the market place.

“Pent-up housing demand in Sydney, rapid population growth and a low-interest rate environment is providing a boost to the residential market, and we anticipate strong interest in this property,” said Mr Brewer.

According to Mr Peterken, “Existing improvements at 6-8 Crewe Place, Rosebery consist of a four-storey commercial building, which could be incorporated into the new design, and an associated warehouse with a basement car park already there.

“The property is located within the new Green Square Town Centre, a highly popular and expanding residential development location in South Sydney. It is just across the road from the recent site we sold to Meriton for $190 million which will mean additional new amenity is not far away,” said Mr Peterken.